The 'Double Entry System' was first codified by: MCQ with Answer and Explanation

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The 'Double Entry System' was first codified by:

A. Luca Pacioli

B. Henry Ford

C. Kautilya

D. Adam Smith

Answer: Option A

Solution (By JKSSB Mock Tests)

Luca Pacioli, an Italian mathematician, described the double-entry system in 1494.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

The 'Form 10IE' is to be filed for:

A. TDS return

B. GST registration

C. Opting for new income tax regime

D. Tax audit

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Correct Answer: Option C

Explanation:
Form 10IE is filed by individuals/HUFs to opt for the new tax regime.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

A 'Credit Voucher' is used to record:

A. Cash receipts

B. Journal entries

C. Cash sales

D. Credit purchases

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Correct Answer: Option A

Explanation:
Credit voucher is prepared for all cash/bank receipts.

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Question #3

The 'GST Refund' for unutilised ITC due to inverted duty structure is available for:

A. Services

B. All zero-rated supplies

C. All goods

D. Goods where input tax rate is higher than output tax rate, subject to certain exclusions

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Correct Answer: Option D

Explanation:
Refund of accumulated ITC due to inverted rate structure is allowed for goods, with some exceptions.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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